-August 1, it concluded a contract with Yongsan-gu for the development of Yongsan Hospital
-Full-scale town business in progress in the Yongsan area along with many other development projects in Yongsan
- Development Operation Head Office and agile organization system, the driving force of town business implementation

 HDC Hyundai Development Company (President Dae Cheol Kim) concluded a business agreement with Korea Railroad Corporation for the development of the Yongsan Hospital site on August 1. The Yongsan Hospital Site Development Project is to develop a 10,948m2 site around street address between 65 and 154, Hangang-ro 3-ga, Yongsan-gu, Seoul. The main building of Yongsan Railway Hospital will be donated and used as a local history museum. The remaining area will be developed as a residential complex composed of condominiums, officetels, and commercial facilities. HDC Hyundai Development Company plans to establish a new-type residential complex by reinterpreting the space and adding historic, cultural, and urban contexts of Yongsan to the site where has been neglected for over 20 years.

 HDC Hyundai Development Company also promotes the development of the underground space of the Yongsan Station Front Park. It plans to develop the underground space of the site planned for park development (12,730m2) around Hangang-ro 2-ga using a BTO (Build-Transfer-Operate) method. Specifically, it plans to establish an aboveground park connecting Yongsan Station and Yongsan Park and build an underground plaza, underground pedway, and commercial facilities on the first and second basement levels. Therefore, it is expected that the place will be the center of culture and shopping, which will connect the people coming from all over the country, neighboring residents, and office workers.

 As such, HDC Hyundai Development Company is making visible achievements for the Yongsan Era centering on the IPARK Mall where its headquarters are located. It is a result of continuously exploring business opportunities after HDC Hyundai Development Company left Gangnam and moved to HDC IPARK Mall at the end of 2011 to seek new growth opportunities and to realize Yongsan-centered town business. HDC Hyundai Development Company has put efforts into Yongsan since 1998. Since it was selected as a private-funded Yongsan Station operator, it has opened and operated the private-funded Train Station including the largest shopping mall in Asia. Furthermore, after relocating its headquarters to IPARK Mall at the end of 2011, the company remodeled the old business district by opening up HDC Shilla Duty Free store and remodeling the IPARK Mall to secure the new foothold of town business.

 HDC Hyundai Development Company focuses on Yongsan because Yongsan has many undeveloped districts, unlike other downtown areas, so that it has high development potential. Currently, the Yongsan area is strengthening the hub function for various transportation types such as high-speed railway, airport railway, and subway. In the long term, an international business district (560,000m2) and a family park (75,000m2) are planned to be developed. HDC Hyundai Development Company has a differentiated strategy to develop an area step-by-step under a big master plan to grow the area and businesses at the same time. Therefore, it will incorporate the underground development of Yongsan Station Front Park and the development of the Railway Hospital site.

 HDC Hyundai Development Company defines the business model that carries out the area-oriented development project as the “town business”. The town business that HDC Hyundai Industrial Development pursues is to “generate area-oriented businesses sequentially by discovering development business opportunities and working with local communities.” Yongsan is not the first town business of HDC Hyundai Development Company. Hyundai Industrial Development, the predecessor of HDC Hyundai Development Company, was located in Gangnam and conducted various development projects for 34 years since 1977, including Apgujeong Hyundai Apartment, Gangnam Finance Center, Hyundai Department Store at Trade Center, and Samsung-dong IPARK. Especially, one result of the town business was the establishment of “IPARK Belt” connecting many landmarks such as Samsung-dong IPARK, IPARK Tower, Park Hyatt Seoul, and IPARK Housing Exhibition Hall, which was completed roughly when it moved the company building to Samsung-dong in 2005.

 The efforts of HDC Hyundai Development Company for the town business are much more than just searching for business opportunities. HDC Hyundai Development Company values to establish a friendly relationship with local communities by continuously contributing to them, communicate with them, and assimilate with them. HDC Hyundai Development Company participated in the “Hope Ondol Project” of Seoul since 2012, just after the relocation of the company building, to donate 10 million KRW worth of winter goods and groceries to 300 low-income households in Dongja-dong, Yongsan-gu, and open the “Symphony Small Library 5th Branch” in Wonhyo-ro in 2015. The company has organized “Love Contribution Relay” since 2016 and been conducting various social contribution activities in Yongsan-gu (i.e., ‘Itaewon-dong Wall Painting’, ‘Old Housing Renovation Activities’, ‘Symphony Small Library’ establishment, book donation, and gimjang volunteering collaborating with Community Chest of Korea.
 
 HDC Hyundai Development Company also established the Development Operation Head Office last year to strengthen its town business and is more actively seeking business opportunities. Development Operation Head Office is an organization of experts in the fields of architecture, development, and civil engineering. The organization has generated synergy effects by incorporating their specialties and conducted projects efficiently with the introduction of the agile method. Previously, coordination processes such as meeting and schedule arrangements were required to seek collaboration with different departments for promoting a project, but the introduction of the agile organization allows experts in the working-level to meet freely and develop, modify, and supplement action plans. Therefore, the efficiency of the organization has been improved. Hee Yun Park, Director of Development and Operation Head Office, said, “We are expanding the development perspective from the existing unit-oriented development view to region- or urban-oriented development view” and “We aim to achieve a development method that establishes a master plan for one area based on an agile organization, realizes it step-by-step, and grow together with the area.”

 HDC Hyundai Development Company plans to continuously focus on securing additional footholds as a comprehensive real estate and infrastructure developer. In order to expand the town business model, the company will promote the development of Kwangwoon University Station commercial zone and create new growth bases in Seoul where global players reside and spend time. Moreover, the company plans to continuously identify new business models and strengthen competitiveness by fostering talents strategically so that it can show unique brand urban development and management capabilities based on the competitiveness of development projects.